| press = <!-- A link to where press releases can be found, or leave blank to omit -->

| press = <!-- A link to where press releases can be found, or leave blank to omit -->

| blog = <!-- Blog site, or leave blank -->

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t0 (or tzero) is a distributed ledger platform for capital markets. It is a majority owned subsidiary of Overstock.com. The company's goal is to bring greater efficiency and transparency to capital markets through the integration of [[blockchain]] technology.

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tZERO (or t0) is a blockchain-based trading platform for capital markets offering two-sided trading between issuers of security tokens and investors. It is a majority owned subsidiary of Overstock.com called [[Medici Ventures]]. The company's stated goal is to bring greater efficiency and transparency to capital markets through the integration of [[blockchain]] technology.

The firm is also working with [[BOX]] Digital Markets, a subsidiary of [[BOX Options Exchange]] to launch the first SEC-approved security token market in the United States. It is tentatively set for launch, pending regulatory approval, for Q3 2019.<ref>{{cite web|url=https://www.tradingtechnologies.com/blog/2019/02/27/blockchain-beyond-crypto-a-conversation-with-tzeros-ceo-saum-noursalehi-part-2/|name=Blockchain Beyond Crypto: A Conversation with tZERO’s CEO Saum Noursalehi, Part 2|org=TT Trade Talk Blog|date=February 28, 2019}}</ref>

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== History ==

== History ==

On June 5, 2015, Overstock announced it would offer the “world's first cryptosecurity,” on its new t0 platform. The name t0 comes from the Wall Street jargon for bond settlements, which typically take three days (“t + 3”) to finalize. According to company statements, bond trades on t0 settle the same day.<ref>{{cite web|url=http://www.nasdaq.com/article/overstocks-t0-reconciling-fiat-currency-and-the-bitcoin-blockchain-cm555617|name=Overstock's t0: Reconciling Fiat Currency and the Bitcoin Blockchain|org=Nasdaq|date=May 26, 2017}}</ref>

On June 5, 2015, Overstock announced it would offer the “world's first cryptosecurity,” on its new t0 platform. The name t0 comes from the Wall Street jargon for bond settlements, which typically take three days (“t + 3”) to finalize. According to company statements, bond trades on t0 settle the same day.<ref>{{cite web|url=http://www.nasdaq.com/article/overstocks-t0-reconciling-fiat-currency-and-the-bitcoin-blockchain-cm555617|name=Overstock's t0: Reconciling Fiat Currency and the Bitcoin Blockchain|org=Nasdaq|date=May 26, 2017}}</ref>

In May 2018, the company announced that Overstock.com CEO Patrick Byrne would be stepping down as CEO to become tZERO's executive chairman, while former president Saum Noursalehi would take over as CEO, in order to "accelerate" tZERO.<ref>{{cite web|url=https://www.reuters.com/article/brief-overstockcom-ceo-announces-managem/brief-overstock-com-ceo-announces-management-changes-to-accelerate-tzero-idUSASC0A010|name=BRIEF-Overstock.Com CEO Announces Management Changes To Accelerate tZERO|org=Reuters|date=May 07, 2018}}</ref>

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On May 18, 2018, tZERO and BOX Digital Markets LLC entered into a letter of intent to form an exchange to list and publicly trade security tokens for companies that issue, or convert existing stock to, security tokens. [[Lisa Fall]], CEO of BOX Digital and president of BOX Options Exchange LLC, will be the CEO of the joint venture. The venture aims to be the first SEC-registered exchange for security tokens, tentatively set for Q3 2019, pending regulatory approval. <ref>{{cite web|url=https://www.businesswire.com/news/home/20180522005689/en/tZERO-BOX-Digital-Markets-Announce-Joint-Venture|name=tZERO and BOX Digital Markets Announce Joint Venture to Launch Industry’s First Security Token Exchange|org=Press Release via Businesswire|date=May 24, 2018}}</ref><ref>{{cite web|url=https://www.tradingtechnologies.com/blog/2019/02/27/blockchain-beyond-crypto-a-conversation-with-tzeros-ceo-saum-noursalehi-part-2/|name=Blockchain Beyond Crypto: A Conversation with tZERO’s CEO Saum Noursalehi|org=Trade Technologies: Trade Talk Blog|date=February 28, 2019}}</ref>

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In August 2018, the firm concluded its first token sale of tZERO security tokens, and the lock-up period for those ended in January 2019. That essentially opened the token trading platform for live trading.<ref>{{cite web|url=https://www.coindesk.com/overstocks-patrick-byrne-says-tzero-will-launch-next-week|name=Overstock’s Patrick Byrne Says tZERO Will Launch Next Week|org=Coindesk|date=January 22, 2019}}</ref>

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In July 2019, the firm announced a partnership with Vision Tree to offer the first tokens on a major theatrical motion picture. The picture, called "Atari: Fistful of Quarters," is about the video game pioneer Nolan Bushnell, and his company, Atari. The tokens are called Bushnell tokens and will be sold by Vision Tree, a film production and financing company.<ref>{{cite web|url=https://www.businesswire.com/news/home/20190709005537/en/tZERO-Partners-Atari-Movie-Tokenize-Major-Motion|name=tZERO Partners with Atari Movie to Tokenize First Major Motion Picture|org=Press Release|date=July 9, 2019}}</ref>

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On August 22, 2019, Byrne resigned from his CEO post at Overstock.com and all affiliates including tZero, following a blog post he published on his personal website disclosing he had been in a relationship with Maria Butina, who was accused of being a Russian spy during the presidential election of 2016 and convicted for her role. Comments in the post about the "Deep State" sent Overstock's share price tumbling. Byrne said he resigned because his presence was distracting from plans to sell the company. Byrne was replaced at Overstock by Jonathan Johnson. Byrne remaines involved with the company's blockchain investments.<ref>{{cite web|url=https://www.nytimes.com/2019/08/22/business/overstock-ceo-patrick-byrne.html?login=google&auth=login-google|name=Patrick Byrne, Overstock C.E.O., Resigns After Disclosing Romance With Russian Agent|org=NY Times|date=August 23, 2019}}</ref><ref>{{cite web|url=https://www.wsj.com/articles/patrick-byrne-resigning-as-overstock-com-chief-executive-11566493533?mod=lead_feature_below_a_pos1|name=Overstock.com Chief Executive Resigns|org=Wall Street Journal|date=August 23, 2019}}</ref>

tZERO's most distinctive function is DLR technology (Digital Locate Receipt), which uses a proprietary blockchain to lend transparency to the practice of short selling. The aim of this technology is to curb "naked" short selling.<ref>{{cite web|url=https://www.tzero.com/dlr/#|name=Digital Locate Receipt Technology Platform|org=tZERO|date=May 7, 2018}}</ref><ref>{{cite web|url=https://www.coindesk.com/overstock-release-blockchain-product-curb-naked-short-sales/|name=Overstock to Release Blockchain Product to Curb Naked Short Sales|org=Coindesk|date=May 7, 2018}}</ref>

== Key People ==

== Key People ==

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* Joe Cammarata, President

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* Patrick Byrne, founder and chairman (resigned in August 2019)

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* Dr. Patrick Byrne, CEO and founder

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* Saum Noursalehi, CEO

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* Steve Hopkins, president

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* Ralph Daiuto, Jr., COO

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* Brooke Navarro, head of issuance

== References ==

== References ==

Revision as of 09:00, 23 August 2019

tZERO (or t0) is a blockchain-based trading platform for capital markets offering two-sided trading between issuers of security tokens and investors. It is a majority owned subsidiary of Overstock.com called Medici Ventures. The company's stated goal is to bring greater efficiency and transparency to capital markets through the integration of blockchain technology.

The firm is also working with BOX Digital Markets, a subsidiary of BOX Options Exchange to launch the first SEC-approved security token market in the United States. It is tentatively set for launch, pending regulatory approval, for Q3 2019.[3]

Contents

History

On June 5, 2015, Overstock announced it would offer the “world's first cryptosecurity,” on its new t0 platform. The name t0 comes from the Wall Street jargon for bond settlements, which typically take three days (“t + 3”) to finalize. According to company statements, bond trades on t0 settle the same day.[4]

t0 had its first day of stock trading on its shared ledger on December 16, 2016.

The previous day, Overstock announced it had raised $10.9m in an offering comprising $1.9m worth of stock traded via digital assets on the t0 platform. Fifty-five people purchased a total of 126,565 shares for $15.68. [5]

In January of 2017, t0 acquired the assets of Singapore-based Blue Ocean Financial Technology, Pte. Ltd. and formed Blue Ocean Technologies to offer a transparent, electronic marketplace for trading U.S.-listed securities during non-U.S. trading hours.[6]

In April 2018, tZERO launched the first demo videos of its trading software.[7]

In May 2018, the company announced that Overstock.com CEO Patrick Byrne would be stepping down as CEO to become tZERO's executive chairman, while former president Saum Noursalehi would take over as CEO, in order to "accelerate" tZERO.[8]

On May 18, 2018, tZERO and BOX Digital Markets LLC entered into a letter of intent to form an exchange to list and publicly trade security tokens for companies that issue, or convert existing stock to, security tokens. Lisa Fall, CEO of BOX Digital and president of BOX Options Exchange LLC, will be the CEO of the joint venture. The venture aims to be the first SEC-registered exchange for security tokens, tentatively set for Q3 2019, pending regulatory approval. [9][10]

In August 2018, the firm concluded its first token sale of tZERO security tokens, and the lock-up period for those ended in January 2019. That essentially opened the token trading platform for live trading.[11]

In July 2019, the firm announced a partnership with Vision Tree to offer the first tokens on a major theatrical motion picture. The picture, called "Atari: Fistful of Quarters," is about the video game pioneer Nolan Bushnell, and his company, Atari. The tokens are called Bushnell tokens and will be sold by Vision Tree, a film production and financing company.[12]

On August 22, 2019, Byrne resigned from his CEO post at Overstock.com and all affiliates including tZero, following a blog post he published on his personal website disclosing he had been in a relationship with Maria Butina, who was accused of being a Russian spy during the presidential election of 2016 and convicted for her role. Comments in the post about the "Deep State" sent Overstock's share price tumbling. Byrne said he resigned because his presence was distracting from plans to sell the company. Byrne was replaced at Overstock by Jonathan Johnson. Byrne remaines involved with the company's blockchain investments.[13][14]

Products and Services

tZERO's ICO launched in December of 2017.[15] It currently offers security tokens to "accredited investors only."[16][17]

tZERO's most distinctive function is DLR technology (Digital Locate Receipt), which uses a proprietary blockchain to lend transparency to the practice of short selling. The aim of this technology is to curb "naked" short selling.[18][19]